America’s economy contracted at a 5 percent pace in the first quarter of 2020, the sharpest decline since the 2007–2009 Great Recession, the Commerce Department said.
The agency’s Bureau of Economic Analysis said in a release May 28 that the 5 percent drop in U.S. economic output, as measured by gross domestic product (GDP), is a bigger decline than an earlier, preliminary estimate of an annualized 4.8 percent drop.
